 Karvy Stock Broking sees a dull Dec seriesPublished on Thu, Nov 26, 2009 at 10:10 | Source : CNBC-TV18 Updated at Thu, Nov 26, 2009 at 15:15 184418 Investors following Reliance. Share this News with them.
Q: You have been buying cement stocks and Ambuja and ACC did well yesterday, do you think there is good for more? A: Absolutely, in the short-term it may not be-I don't see a stock like Ambuja crossing Rs 93-95 levels at least in the short-term, whereas it can move towards Rs 80. But I think the next two-three months is clearly a window to accommodate these stocks at lower levels if you are looking at the next 15-18 months view. Because by then we see Ambuja at levels of Rs 130-140 which is a very decent return from the current levels. Among other stocks which we are looking at are Prism Cement and India Cement. Q: Any thoughts on the recent listings- DEN Networks or Astech Life? A: I haven't tracked both of them but one of our listings, the issues which we had managed is doing extremely well. A stock called Thinksoft Global which we had issued at Rs 125-that is one of the major gainers in the IPO sector and is currently quoting at Rs 300. Q: Anything you like in the midcap IT space? A: We like MPhasis and the results which came out yesterday were more or less in line with what we were expecting and looking at possibly Rs 60-65 earnings per share (EPS) next year. I think this stock should move to over Rs 1,000 per share levels, so we were quite surprised when we saw some adverse reaction yesterday in the markets but we are using that opportunity to buy more at lower levels. Q: What about midcap cement like Prism , Dalmia , Hiedelberg-would you buy any of them? A: We were suggesting Heidelberg Cement at a level of around Rs 12-13 looking at the clean balance sheet they have. But at Rs 40-42 levels, it is a bit expensive and possibly because of the momentum, it can move to levels of around Rs 45-48. We are not really looking at Dalmia but at the same time Prism is one stock which we are recommending looking at levels of around Rs 60-65 possibly in the next 12 months. One should remember that it could be a potential takeover target. Q: Any thoughts on TVS Motors at Rs 58? A: At these levels we are finding TVS a bit expensive and in that space I would prefer a Hero Honda but after the run up which we have seen in the past couple months, we are not recommending the two-wheeler segment. Q: How is domestic money approaching December, its not the only indicator but we tracked the mutual fund flows they have been negative for most part of this year-are you expecting to see domestic money come in by the end? A: I don't think so; the domestic money is the cautious money at this point of time. It is not just the mutual funds; even the local insurance companies are staying out. They were the ones that supported the market at lower levels in 2008 when foreign institutional investors (FIIs) were selling but at this point of time we are seeing them also booking out to a certain extent. So for the month of December I do not see much of local money coming in. At the same time even if FIIs go slow, there is no way the markets can move up and that is the reason we are saying that for the December series possibly you should see markets at lower level. I think by the end of December series, we should break at 4,700-4,800 mark.
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